Apple claims it will add more than $350 billion to the U.S. economy over the next five years

Apple stock spiked on Wednesday after the company announced it plans to add 20,000 jobs in the U.S. over the next five years, as well as billions in investment.

Apple shares were priced at $179.06 as of Wednesday afternoon, up by 1.63 percent. The new price continued the upward trend the company has seen throughout 2017 and into 2018.

Apple claims it will add more than $350 billion to the U.S. economy over the next five years.

The Cupertino company said it plans to spend $30 billion in capital expenditures in the U.S over the next five years, which will add more than 20,000 new American jobs at existing campuses, as well as a new campus. Apple currently employs 84,000 people in the U.S., the additional jobs will bring the number over 100,000. Apple said it will open up a campus at a new location, which will be announced later this year. The company said the facility will house tech support for customers.